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27. Red, White, and Blue are unrelated corporations engaged in real estate development. The three...

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Accounting

27. Red, White, and Blue are unrelated corporations engaged in real estate development. The three corporations formed a joint venture (treated as a partnership) to develop a tract of land. Assuming that the venture does not have a natural business year, what tax year must the joint venture adopt under the following circumstances?

A. Tax Year Ending Interest in Joint Venture

RED March 31 60%

BLUE June 30 20%

WHITE October 31 20%

B. Tax Year Ending Interest in Joint Venture

RED October 31 30%

WHITE September 30 40%

BLUE January 31 30%

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